Polygon Price Poised for Rebound Amid Stablecoin Growth and Revenue Surge

Polygon has been experiencing a significant decline in price over the past few months, falling nearly 40% from its yearly high. However, with recent data indicating a surge in stablecoin activity and revenue growth on the network, there may be a potential opportunity for a rebound.

The Polygon network is showing signs of strength, which could position it for a breakout. Data from DeFiLlama shows that the total supply of stablecoins on the network has increased significantly over recent weeks, with a 35% surge to $3.26 billion. Additionally, the weekly revenue generated by DeFi apps on the network has also risen sharply, increasing by nearly 70% within the period.

The daily chart shows that the Polygon price is close to confirming a bullish crossover between the 50-day and 100-day moving averages. Bullish crossovers are typically followed by sustained rallies once confirmed. If this crossover is indeed confirmed, it could indicate a trend reversal and potentially attract more institutional capital to the network.